Hey Bob,Depending on the lender, I am assuming you are working with some hard money lenders, their appraisal or BPO will probably include an opinion subject to the scope of work.ARV is relatively easy to figure out yourself, made easier and more accurate working with trusted agents and managers.Im not as active as I should be but I have seen several Facebook groups dedicated to Florida Multifamily deals.

There is also significant grey area, subject to interpretation.

The buyer will take title subject to the following loans on terms agreeable to the buyer: A.

Even if you create a non-CA LLC, if you are managing the business from California, you will likely be deemed to be "doing business" in California and therefore likely subject to CA taxes.

Is it subject to the Ellis Act?

A naive sanity check for me is just making sure that a TOD is actually a legal contract that's not subject to change later by the owner like a Will or Living Trust would be. 2.

Any courses on this subject matter?

The asset that is the subject of this thread is in Houston, and not the worst area of Houston, either.

As for selling with 10% down at 8% interest, you now have two title transfers that violate the due on sale clause and add complications to subject to “safeguards” that reduce risk if note is accelerated, if party in possession doesn’t pay taxes or insurance, and of triggering whatever system the lender has set up to notify them when a deed transfer takes place. 

However, if you are purchasing the property subject to the loan, which is an FHA loan used for primary residency, I don't see a title company working with that unless the loan is paid off prior to any improvments made to the property.